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Build to Rent

Full lifecycle financing for investors who build or renovate residential properties and hold them as rentals. From dirt to stabilized cash flow.

Overview

One Partner, Full Lifecycle

Build to Rent (BTR) is the fastest-growing segment in residential real estate. Investors acquire land or distressed properties, build or renovate, and hold the finished product as long-term rentals. The challenge is finding a capital partner who can support the entire journey.

At Ledger, we finance the full lifecycle. Use our construction, fix-and-flip, or bridge loans on the front end to fund acquisition and improvements. Once the property is stabilized and generating rental income, refinance into a long-term DSCR loan to pull out your capital and repeat the process. This is the core of the BRRRR strategy, and we support every phase.

This isn't two separate lending relationships. It's one team that understands your strategy from groundbreaking through cash-out refinance.

Front-End Financing

Construction, bridge, or fix-and-flip loans to fund acquisition and improvements

Back-End Refinance

DSCR cash-out refinance once property is stabilized and generating income

Loan Range

$125,000 to $5,000,000 per property. Multi-loan structures available up to $10MM ($20MM case by case).

Scalable

Portfolio-level programs for repeat BTR operators

Why Ledger

What Sets Us Apart

  • Single lender relationship from construction through permanent financing
  • Streamlined refinance process for borrowers already in our system
  • Competitive leverage on both short-term and long-term products
  • Cash-out refinance available to recycle capital into your next project
  • Repeat borrower programs with improved terms as you scale

Ideal Borrower

You're building or renovating residential properties with the intent to hold them as rentals. You have a clear strategy: acquire, improve, stabilize, and refinance into permanent debt to free up capital for the next project.

Whether you're converting a fix-and-flip into a rental, building new single-family homes for your portfolio, or scaling a BTR pipeline across multiple markets, we structure the full capital stack to match your timeline and exit strategy.

Program Details

Build to Rent Loan Parameters

Front-End LTC
Up to 90-100%
Back-End LTV
Up to 80%
DSCR Term
30-Year Fixed
The BTR lifecycle starts with a short-term loan (construction, bridge, or fix-and-flip) to fund acquisition and improvements. Once the property is completed and leased, you refinance into a 30-year DSCR loan. The DSCR refinance can include a cash-out component, allowing you to pull equity and deploy it into your next project.
Experience requirements depend on the front-end product. Construction and bridge loans require 3 or more completed projects in the last 3 years. Fix-and-flip loans have no minimum experience requirement. The DSCR refinance on the backend qualifies based on property cash flow, not borrower experience.
Non-recourse options are available on construction, bridge, and fix-and-flip front-end products. DSCR loans on the backend are also available with non-recourse structures for qualifying borrowers and properties.
Yes. While we offer the most seamless experience for borrowers who use our short-term products on the front end, our DSCR refinance program is available to any investor with a stabilized rental property, regardless of who financed the original construction or renovation.
Single-family residences, 2-4 unit properties, and townhomes are eligible. Condos and apartments are not eligible. Properties must be non-owner-occupied investment properties intended for rental income.
Tools

Estimate Your Rental Loan Rate

Use our DSCR calculator to model rates, leverage, and cash flow for your next rental property or portfolio refinance.

Open Calculator →

Ready to Build Your Rental Portfolio?

Apply Now →